Project
Draw Loan Report

Build
to Suit Industrial Building

This report shows the
results of a Draw Loan specified in support of the Build to Suit Industrial
Building development project. The results are based on drawing 100% of the
eligible costs specified. Draws are scheduled to occur each month during the
life of the project. The loan bears interest at 9.000% and interest is
scheduled to be accrued, and paid as part of the payments discharging the
loan.There are no loan fees projected.

Time

Draw
Required

Payments

Interest
Accrued

Loan
Balance

Feb 03

$78,000

$0

$585

$78,585

Mar 03

$591,600

$0

$5,026

$675,211

Apr 03

$306,000

$0

$7,359

$988,570

May 03

$399,600

$0

$10,411

$1,398,582

Jun 03

$255,600

$0

$12,406

$1,666,588

Jul 03

$45,600

$0

$12,841

$1,725,030

Aug 03

$230,400

$0

$14,666

$1,970,095

Sep 03

$0

$1,970,095

$0

$0

Totals

$1,906,800

$1,970,095

$63,294

$0

Proforma
Income Statement

Build
to Suit Industrial Building

Shows the monthly cash
flows during the development phase. The Construction Draw loan here has been
specified to accrue (rather than pay) interest before being taken out by the
Permanent Loan, which is specified to be 100% of the Draw Loan Balance. Since
the Draw interest is accrued, the amount of the Permanent Loan includes the
accrued interest. The Draw Interest is "Construction Period Interest"
under the tax law, and must be amortized over the depreciable life of the
assets constructed. PlanEASe handles this by allocating the interest to each of
the assets causing the draws, and depreciating the total.

Jan 03

Feb 03

Mar 03

Apr 03

May 03

Jun 03

Jul 03

Aug 03

Sep 03

Oct 03

Nov 03

Dec 03

Ttl 03

Jan 04

Feb 04

Mar 04

Apr 04

May 04

Jun 04

Ttl 04

Gross Income

XYZ Lease

$0

$0

$0

$0

$0

$0

$0

$0

$30,000

$30,000

$30,000

$30,000

$120,000

$30,000

$30,000

$30,000

$30,000

$30,000

$30,000

$180,000

Total Gross Income

$0

$0

$0

$0

$0

$0

$0

$0

$30,000

$30,000

$30,000

$30,000

$120,000

$30,000

$30,000

$30,000

$30,000

$30,000

$30,000

$180,000

Less: Operating Expenses

Management Fee

0

0

0

0

0

0

0

0

900

900

900

900

3,600

900

900

900

900

900

900

5,400

Total Operating Expenses

$0

$0

$0

$0

$0

$0

$0

$0

$900

$900

$900

$900

$3,600

$900

$900

$900

$900

$900

$900

$5,400

Net Operating Income

$0

$0

$0

$0

$0

$0

$0

$0

$29,100

$29,100

$29,100

$29,100

$116,400

$29,100

$29,100

$29,100

$29,100

$29,100

$29,100

$174,600

Less: Debt Service

Permanent

0

0

0

0

0

0

0

0

17,289

17,289

17,289

17,289

69,156

17,289

17,289

17,289

17,289

17,289

17,289

103,734

Total Debt Service

$0

$0

$0

$0

$0

$0

$0

$0

$17,289

$17,289

$17,289

$17,289

$69,156

$17,289

$17,289

$17,289

$17,289

$17,289

$17,289

$103,734

Net Operating Cash Flow

$0

$0

$0

$0

$0

$0

$0

$0

$11,811

$11,811

$11,811

$11,811

$47,244

$11,811

$11,811

$11,811

$11,811

$11,811

$11,811

$70,866

Add: Debt Draw & Repay

Construction Draw

0

78,000

591,600

306,000

399,600

255,600

45,600

230,400

(1,970,095)

0

0

0

(63,295)

0

0

0

0

0

0

0

Permanent

0

0

0

0

0

0

0

0

1,970,095

0

0

0

1,970,095

0

0

0

0

0

0

0

Total Debt Draw & Repay

$0

$78,000

$591,600

$306,000

$399,600

$255,600

$45,600

$230,400

$0

$0

$0

$0

$1,906,800

$0

$0

$0

$0

$0

$0

$0

Less: Capital Spending

Land

0

0

1,200,000

0

0

0

0

0

0

0

0

0

1,200,000

0

0

0

0

0

0

0

Sitework

0

0

302,400

0

0

0

0

0

0

0

0

0

302,400

0

0

0

0

0

0

0

Foundations & Floor Slab

0

0

289,200

0

0

0

0

0

0

0

0

0

289,200

0

0

0

0

0

0

0

Structure

0

0

0

306,000

0

0

0

0

0

0

0

0

306,000

0

0

0

0

0

0

0

Building Skin

0

0

0

0

261,600

0

0

0

0

0

0

0

261,600

0

0

0

0

0

0

0

Doors, Canopies, Soffits

0

0

0

0

58,800

0

0

0

0

0

0

0

58,800

0

0

0

0

0

0

0

Storefront

0

0

0

0

0

49,200

0

0

0

0

0

0

49,200

0

0

0

0

0

0

0

Roof Systems

0

0

0

0

0

206,400

0

0

0

0

0

0

206,400

0

0

0

0

0

0

0

Electrical

0

0

0

0

0

0

33,600

0

0

0

0

0

33,600

0

0

0

0

0

0

0

Exterior Contingency

0

0

0

0

79,200

0

0

0

0

0

0

0

79,200

0

0

0

0

0

0

0

Warehouse Finish

0

0

0

0

0

0

0

110,400

0

0

0

0

110,400

0

0

0

0

0

0

0

Standard Office Finish

0

0

0

0

0

0

0

120,000

0

0

0

0

120,000

0

0

0

0

0

0

0

Interior Contingency

0

0

0

0

0

0

12,000

0

0

0

0

0

12,000

0

0

0

0

0

0

0

Permits

0

10,000

0

0

0

0

0

0

0

0

0

0

10,000

0

0

0

0

0

0

0

Legal & Title

0

18,000

0

0

0

0

0

0

0

0

0

0

18,000

0

0

0

0

0

0

0

Architectural/Engineering

0

50,000

0

0

0

0

0

0

0

0

0

0

50,000

0

0

0

0

0

0

0

Total Capital Spending

$0

$78,000

$1,791,600

$306,000

$399,600

$255,600

$45,600

$230,400

$0

$0

$0

$0

$3,106,800

$0

$0

$0

$0

$0

$0

$0

Cash Flow Before Tax

$0

$0

($1,200,000)

$0

$0

$0

$0

$0

$11,811

$11,811

$11,811

$11,811

($1,152,756)

$11,811

$11,811

$11,811

$11,811

$11,811

$11,811

$70,866

Taxable Income and Taxes

(Losses Carried Forward)

Taxable Revenues

$0

$0

$0

$0

$0

$0

$0

$0

$30,000

$30,000

$30,000

$30,000

$120,000

$30,000

$30,000

$30,000

$30,000

$30,000

$30,000

$180,000

Less: Deducted Expenses

0

0

0

0

0

0

0

0

900

900

900

900

3,600

900

900

900

900

900

900

5,400

Less: Interest Expense

Permanent

0

0

0

0

0

0

0

0

16,417

16,410

16,403

16,395

65,626

16,388

16,381

16,373

16,365

16,358

16,350

98,214

Total Interest Expense

$0

$0

$0

$0

$0

$0

$0

$0

$16,417

$16,410

$16,403

$16,395

$65,626

$16,388

$16,381

$16,373

$16,365

$16,358

$16,350

$98,214

Less: Depreciation

0

0

0

0

0

0

0

0

3,683

3,683

3,683

3,683

14,734

4,560

4,560

4,560

4,560

4,560

4,560

27,362

Ordinary Income

$0

$0

$0

$0

$0

$0

$0

$0

$8,999

$9,006

$9,014

$9,021

$36,040

$8,152

$8,159

$8,167

$8,174

$8,182

$8,190

$49,023

Taxable Income

0

0

0

0

0

0

0

0

8,999

9,006

9,014

9,021

36,040

8,152

8,159

8,167

8,174

8,182

8,190

49,023

(Cum Suspended Losses)

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Taxes Due (- = Savings)

0

0

0

0

0

0

0

0

3,564

3,567

3,569

3,572

14,272

3,228

3,231

3,234

3,237

3,240

3,243

19,413

Cash Flow After Tax

$0

$0

($1,200,000)

$0

$0

$0

$0

$0

$8,247

$8,244

$8,242

$8,239

($1,167,028)

$8,583

$8,580

$8,577

$8,574

$8,571

$8,568

$51,453

Gross
Income Detail

Build
to Suit Industrial Building

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

30.0

30.0

30.0

30.0

30.0

30.0

30.0

30.0

30.0

30.0

Debt
Draw & Repay Detail

Build
to Suit Industrial Building

Construction Draw

0.0

78.0

591.6

306.0

399.6

255.6

45.6

230.4

-1,970.1

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Permanent

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1,970.1

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Capital
Spending Detail

Build
to Suit Industrial Building

Land

0.0

0.0

1,200.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Sitework

0.0

0.0

302.4

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Foundations & Floor Slab

0.0

0.0

289.2

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Structure

0.0

0.0

0.0

306.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Building Skin

0.0

0.0

0.0

0.0

261.6

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Doors, Canopies, Soffits

0.0

0.0

0.0

0.0

58.8

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Storefront

0.0

0.0

0.0

0.0

0.0

49.2

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Roof Systems

0.0

0.0

0.0

0.0

0.0

206.4

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Electrical

0.0

0.0

0.0

0.0

0.0

0.0

33.6

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Exterior Contingency

0.0

0.0

0.0

0.0

79.2

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Warehouse Finish

0.0

0.0

0.0

0.0

0.0

0.0

0.0

110.4

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Standard Office Finish

0.0

0.0

0.0

0.0

0.0

0.0

0.0

120.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Interior Contingency

0.0

0.0

0.0

0.0

0.0

0.0

12.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Permits

0.0

10.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Legal & Title

0.0

18.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Architectural/Engineering

0.0

50.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Proforma
Income Statement

Build
to Suit Industrial Building

These reports can be
prepared either before or after tax. They combine the Basic and Detail Analysis
report information into a very readable format familiar to real estate
professionals and accountants. Further, the reports offer information not shown
in the Basic and Detail Analysis Reports, such as Ratio Analysis, projected
Sale Proceeds by year, and Return and NPV measures by year.

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Gross Income

XYZ Lease

$120,000

$363,600

$374,508

$385,743

$397,316

$409,235

$421,512

$434,157

$447,182

$460,598

Total Gross Income

$120,000

$363,600

$374,508

$385,743

$397,316

$409,235

$421,512

$434,157

$447,182

$460,598

Less: Operating Expenses

Management Fee

3,600

10,908

11,235

11,572

11,919

12,277

12,645

13,025

13,415

13,818

Total Operating Expenses

$3,600

$10,908

$11,235

$11,572

$11,919

$12,277

$12,645

$13,025

$13,415

$13,818

Net Operating Income

$116,400

$352,692

$363,273

$374,171

$385,396

$396,958

$408,867

$421,133

$433,767

$446,780

Less: Debt Service

Permanent

69,156

207,468

207,468

207,468

207,468

207,468

207,468

207,468

207,468

207,468

Total Debt Service

$69,156

$207,468

$207,468

$207,468

$207,468

$207,468

$207,468

$207,468

$207,468

$207,468

Net Operating Cash Flow

$47,244

$145,224

$155,805

$166,703

$177,928

$189,490

$201,399

$213,665

$226,299

$239,312

Add: Debt Draw & Repay

Construction Draw

(63,295)

0

0

0

0

0

0

0

0

0

Permanent

1,970,095

0

0

0

0

0

0

0

0

0

Total Debt Draw & Repay

$1,906,800

$0

$0

$0

$0

$0

$0

$0

$0

$0

Less: Capital Spending

Land

1,200,000

0

0

0

0

0

0

0

0

0

Sitework

302,400

0

0

0

0

0

0

0

0

0

Foundations & Floor Slab

289,200

0

0

0

0

0

0

0

0

0

Structure

306,000

0

0

0

0

0

0

0

0

0

Building Skin

261,600

0

0

0

0

0

0

0

0

0

Doors, Canopies, Soffits

58,800

0

0

0

0

0

0

0

0

0

Storefront

49,200

0

0

0

0

0

0

0

0

0

Roof Systems

206,400

0

0

0

0

0

0

0

0

0

Electrical

33,600

0

0

0

0

0

0

0

0

0

Exterior Contingency

79,200

0

0

0

0

0

0

0

0

0

Warehouse Finish

110,400

0

0

0

0

0

0

0

0

0

Standard Office Finish

120,000

0

0

0

0

0

0

0

0

0

Interior Contingency

12,000

0

0

0

0

0

0

0

0

0

Permits

10,000

0

0

0

0

0

0

0

0

0

Legal & Title

18,000

0

0

0

0

0

0

0

0

0

Architectural/Engineering

50,000

0

0

0

0

0

0

0

0

0

Total Capital Spending

$3,106,800

$0

$0

$0

$0

$0

$0

$0

$0

$0

Cash Flow Before Tax

($1,152,756)

$145,224

$155,805

$166,703

$177,928

$189,490

$201,399

$213,665

$226,299

$239,312

Taxable Income and Taxes

(Losses Carried Forward)

Taxable Revenues

$120,000

$363,600

$374,508

$385,743

$397,316

$409,235

$421,512

$434,157

$447,182

$460,598

Less: Deducted Expenses

3,600

10,908

11,235

11,572

11,919

12,277

12,645

13,025

13,415

13,818

Less: Interest Expense

Permanent

65,626

196,147

194,962

193,652

192,205

190,607

188,841

186,891

184,736

182,356

Total Interest Expense

$65,626

$196,147

$194,962

$193,652

$192,205

$190,607

$188,841

$186,891

$184,736

$182,356

Less: Depreciation

14,734

50,515

50,515

50,515

50,515

50,515

50,515

50,515

50,515

48,410

Ordinary Income

$36,040

$106,030

$117,796

$130,004

$142,676

$155,836

$169,510

$183,726

$198,515

$216,013

Taxable Income

36,040

106,030

117,796

130,004

142,676

155,836

169,510

183,726

198,515

216,013

(Cum Suspended Losses)

0

0

0

0

0

0

0

0

0

0

Taxes Due (- = Savings)

14,272

41,988

46,647

51,481

56,500

61,711

67,126

72,756

78,612

85,541

Cash Flow After Tax

($1,167,028)

$103,236

$109,158

$115,221

$121,429

$127,779

$134,273

$140,909

$147,687

$153,770

Sale Proceeds:

Sale Value

$3,880,000

$3,996,400

$4,116,292

$4,239,781

$4,366,974

$4,497,983

$4,632,923

$4,771,911

$4,915,068

$5,062,520

Less: Sale Costs (6%)

232,800

239,784

246,978

254,387

262,018

269,879

277,975

286,315

294,904

303,751

Less: Loan Repayment

1,966,565

1,955,244

1,942,738

1,928,922

1,913,659

1,896,798

1,878,171

1,857,594

1,834,863

1,809,751

Sale Proceeds Before Tax

1,680,635

1,801,372

1,926,577

2,056,472

2,191,297

2,331,306

2,476,776

2,628,002

2,785,301

2,949,018

Less: Taxes due to Sale

95,421

133,090

168,259

204,103

240,645

277,903

315,901

354,659

394,201

434,551

Sale Proceeds After Tax

1,585,214

1,668,282

1,758,318

1,852,369

1,950,652

2,053,403

2,160,876

2,273,343

2,391,100

2,514,467

Ratio Analysis:

Profitability Ratios

Adj. Capitalization Rate

11.35%

11.69%

12.04%

12.40%

12.78%

13.16%

13.56%

13.96%

14.38%

Adj. Cash on Cash Before Tax

12.10%

12.98%

13.89%

14.83%

15.79%

16.78%

17.81%

18.86%

19.94%

Adj. Cash on Cash After Tax

8.60%

9.10%

9.60%

10.12%

10.65%

11.19%

11.74%

12.31%

12.81%

Risk Ratios

Debt Coverage Ratio

1.683

1.700

1.751

1.804

1.858

1.913

1.971

2.030

2.091

2.153

Breakeven Occupancy

60.6%

60.1%

58.4%

56.8%

55.2%

53.7%

52.2%

50.8%

49.4%

48.0%

Loan Balance/Property Value

50.7%

48.9%

47.2%

45.5%

43.8%

42.2%

40.5%

38.9%

37.3%

35.7%

Assumption Ratios

NOI/Property Value

3.00%

8.83%

8.83%

8.83%

8.83%

8.83%

8.83%

8.83%

8.83%

8.83%

Operating Expense Ratio

3.0%

3.0%

3.0%

3.0%

3.0%

3.0%

3.0%

3.0%

3.0%

3.0%

Analysis Measures:

IRR Before Debt

31.3%

20.8%

18.2%

17.1%

16.4%

16.0%

15.7%

15.5%

15.3%

15.2%

IRR Before Tax

58.9%

34.4%

28.1%

25.2%

23.5%

22.4%

21.6%

21.1%

20.6%

20.2%

IRR After Tax

45.4%

26.4%

21.5%

19.2%

17.9%

17.1%

16.5%

16.1%

15.7%

15.5%

NPV Before Debt @10.00%

$401,463

$496,195

$584,899

$667,958

$745,731

$818,555

$886,745

$950,596

$1,010,383

$1,066,366

NPV Before Tax @10.00%

$395,081

$481,798

$563,255

$639,766

$711,627

$779,118

$842,499

$902,020

$957,912

$1,010,395

NPV After Tax @10.00%

$289,763

$321,533

$349,900

$376,625

$401,751

$425,326

$447,405

$468,039

$487,287

$505,205

Adj
Cash on Cash Before Tax

Build
to Suit Industrial Building

Adj Cash on Cash Before Tax
is Net Operating Cash Flow divided by Initial Equity adjusted both for
additional investments and dispositions made since acquisition, and for
additional loans and loan repayments since acquisition.

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Net Operating Cash Flow

47.2

145.2

155.8

166.7

177.9

189.5

201.4

213.7

226.3

239.3

Total Capital Spending

3,106.8

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Adj
Cash on Cash After Tax

Build
to Suit Industrial Building

Adj Cash on Cash After Tax
is Net Operating Cash Flow less Taxes Due divided by Initial Equity adjusted
both for additional investments and dispositions made since acquisition, and
for additional loans and loan repayments since acquisition.

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Net Operating Cash Flow

47.2

145.2

155.8

166.7

177.9

189.5

201.4

213.7

226.3

239.3

Total Capital Spending

3,106.8

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Taxes Due (- = Savings)

14.3

42.0

46.6

51.5

56.5

61.7

67.1

72.8

78.6

85.5

Debt
Coverage Ratio

Build
to Suit Industrial Building

Debt Coverage Ratio is the
Net Operating Income divided by Debt Service, measuring the margin of safety
for the lender in assuring that money will be available to service his loan.
The debt coverage ratio takes the current year Net Operating Income and divides
it by the current year Debt Service. If the Net Operating Income is greater
than the Debt Service the Debt Coverage Ratio will be greater than 1.

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Total Debt Service

69.2

207.5

207.5

207.5

207.5

207.5

207.5

207.5

207.5

207.5

Net Operating Income

116.4

352.7

363.3

374.2

385.4

397.0

408.9

421.1

433.8

446.8

Property
Sale Report

Build
to Suit Industrial Building

This report shows the
results of a projected sale of the Build to Suit Industrial Building on 31
December 2012. The Sale Price of $5,062,520 is projected by using a Net
Capitalization Rate of 9% on the projected Net Operating Income of $455,627 in
effect at that time, according to the analysis assumptions.

Analysis of Sale Proceeds

Sale Price (as discussed above)

$5,062,520

- Costs of Sale (6%)

303,751

- Loan Balances

1,809,751

- Prepayment Penalties

0

Sale Proceeds Before Tax

$2,949,018

Analysis of Capital Gain Results

Sale Price

$5,062,520

- Capitalized Costs of Sale (100%)

303,751

Net Sale Price for Tax Purposes

$4,758,769

Property Basis at Acquisition

$0

+ Capitalized Closing Costs (100%)

0

+ Capital Additions

3,170,095

- Depreciation Taken

467,266

+ Excess Depreciation Recaptured

0

Adjusted Basis at Sale

2,702,829

Capital Gain (or Loss)

$2,055,940

- Suspended Passive Losses

0

Net Capital Gain (or Loss)

$2,055,940

- Cost Recovery Recaptured

467,266

Adjusted Net Capital Gain (or Loss)

$1,588,674

Cost Recovery Recapture Tax (@ 25%)

(116,817)

Tax on Adjusted Net Capital Gain (@ 20%)

(317,735)

Expenses Recognized at Sale

Expensed Costs of Sale

0

+ Accrued Loan Interest

0

+ Unamortized Points

0

+ Prepayment Penalties

0

- Excess Depreciation Recaptured

0

Total Expenses Recognized at Sale

0

Tax Savings Due to Sale Expenses (@ 39.6%)

0

Net Taxable Income

$2,055,940

After Tax Cash Proceeds of Sale

$2,514,467

Sale
Proceeds After Tax

Build
to Suit Industrial Building

Sensitivity
Analysis

Build
to Suit Industrial Building

Land
Development Cost
versus
Rate of Return After Tax

Assumption

IRR

$960,000.00

19.0%

$1,056,000.00

17.4%

$1,152,000.00

16.1%

$1,248,000.00

14.9%

$1,344,000.00

13.8%

Sensitivity
Analysis

Build
to Suit Industrial Building

Sitework
Development Cost
versus
Rate of Return After Tax

Assumption

IRR

$240,000.00

15.9%

$264,000.00

15.7%

$288,000.00

15.6%

$312,000.00

15.4%

$336,000.00

15.3%

$360,000.00

15.1%

Sensitivity
Analysis

Build
to Suit Industrial Building

As you perform an analysis,
planEASe measures the worth of the investment in terms of rates of return and
net present values. Sensitivity Analysis allows you to investigate how these
measures vary with a change in one of the assumptions. Any measure may be
chosen for the Sensitivity Analysis, and any assumption may be chosen as well.
Sensitivity Analysis provides a one page table and graph which describes the
relationship between the assumption value and the resulting measure.

XYZ
Lease Annual Revenue
versus
Net Present Value After Tax @10%

Assumption

NPV

$290,000.00

(44,837)

$319,000.00

183,038

$348,000.00

410,912

$377,000.00

638,787

$406,000.00

866,662

Sensitivity
Analysis Comparison

As you perform an analysis,
planEASe measures the worth of the investment in terms of rates of return and
net present values. Sensitivity Analysis allows you to investigate how these
measures vary with a change in one of the assumptions. Any measure may be
chosen for the Sensitivity Analysis, and any assumption may be chosen as well.
Sensitivity Analysis provides a one page table and graph which describes the
relationship between the assumption value and the resulting measure.

Holding
Period
versus
Rate of Return After Tax

Assumption
Value

build2
IRR

build1
IRR

1 Year

45.4%

40.0%

2 Years

26.4%

25.0%

3 Years

21.5%

20.8%

4 Years

19.2%

18.7%

5 Years

17.9%

17.5%

6 Years

17.1%

16.8%

7 Years

16.5%

16.3%

8 Years

16.1%

15.8%

9 Years

15.7%

15.5%

10 Years

15.5%

15.3%

Risk
Analysis

Build
to Suit Industrial Building

As you perform an analysis,
planEASe measures the worth of the investment in terms of rates of return and
net present values. Risk Analysis allows you to investigate how these measures
vary with a change in one or more of the assumptions. Any measure may be chosen
for the Risk Analysis, and any group of assumptions may be chosen as well. Risk
Analysis provides a one page table and graph which describes the relationship
between the risky assumption values and the variability (or risk) of the
resulting measure.

Risk
Analysis Assumption

Lowest

Likely

Highest

Sitework
Development Cost

$200,000.00

$302,400.00

$400,000.00

Foundations
& Floor Slab Development Cost

$200,000.00

$289,200.00

$350,000.00

Storefront
Development Cost

$40,000.00

$49,200.00

$60,000.00

Electrical
Development Cost

$30,000.00

$33,600.00

$40,000.00

XYZ
Lease Annual Revenue

$300,000.00

$360,000.00

$400,000.00

XYZ
Lease Revenue Growth Rate

2% Annually

3% Annually

4% Annually

Average
IRR

14.9%

Lowest
IRR

8.5%

Standard
Deviation

2.0%

Highest
IRR

19.2%

Analysis
Assumptions Report

Build
to Suit Industrial Building

Shows (in English) the
assumptions used to generate the other reports. It was created with the idea of
generating an assumptions report which can be presented to an investor or other
concerned party to explain the assumptive basis of the other planEASe reports.